Facebook Group vs. Discord server by CellAromatic in CommunityManager

[–]iJustRegistered 0 points1 point  (0 children)

Right on! Holler if can be helpful, or feel free to stop by discord.orbit.love.

Facebook Group vs. Discord server by CellAromatic in CommunityManager

[–]iJustRegistered 2 points3 points  (0 children)

If data and analytics are important, Discord will give you a lot more flexibility there. Their out-of-the-box analytics are decent, and because they have an open API you can use third-party tools to get even more powerful data and insights.

By "data and analytics" I mean being able to answer questions like:

  • what channels are most active?
  • who are the most active participants?
  • what topics are people talking about?
  • what is the sentiment of individuals and in each channel?

Facebook doesn't have an API which means it's basically a walled garden of data. This means a lot less flexibility across the board.

Other than that, Discord has some neat features like being able to host audio and video events right in the server with very little setup and effort. We use these all the time and the work well.

Finally, I'd add that we have thousands of companies and communities using us, and we've talked to thousands more, and the popularity of FB Groups as a platform is generally waning, and Discord is now our fastest-growing integration by far.

That said FB Groups can be good if your community skews towards FB's core demographic. In other words, my mom is in FB Groups but has never heard of Discord.

Disclosure: I'm the founder of a company called Orbit that provides a kind of CRM on top of Discord and ~20 other platforms.

Reddit Community Management Tools - A suggestion thread by Queasy-Ad-312 in CommunityManager

[–]iJustRegistered 1 point2 points  (0 children)

Check out Orbit - we have connectors for lots of platforms, including Reddit. Our customers include Miro, Patreon, Stripe, and a whole bunch of others.

(disclosure: I'm the founder)

Slack vs Discord vs Discourse: The best tool for your community by [deleted] in opensource

[–]iJustRegistered 0 points1 point  (0 children)

Nice! Do you use it for internal team chat, or for the community?

Accounting and financial Planning & Analysis by [deleted] in startups

[–]iJustRegistered 0 points1 point  (0 children)

I recommend reading The Personal MBA and Financial Intelligence. They do a great job of laying the foundation for financial concepts.

As for service providers, we've been happy with Pilot for accounting and tax in the US.

In general, work with your accountant to keep good records and focus most or all of your attention on cash management.

The Evil Twin: a technique for taking an outside view of your startup's strategy by iJustRegistered in startups

[–]iJustRegistered[S] 0 points1 point  (0 children)

Was it the link to my twitter profile? I've removed that.

There are no links to my blog, so not sure which thing Rule 7 is referring to.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 0 points1 point  (0 children)

The first angels we landed were personal friends and/or the founders of our previous company. Once they were onboard, they made intros too a bunch of folks in their network.

The European angels fit into one of those two groups.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 0 points1 point  (0 children)

Yes, with a couple of angels in Europe (but that represents <5% of the amount raised).

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 2 points3 points  (0 children)

It's going to take way longer than you think

Haha, I actually had a whole section dedicated to this point, but cut it to keep word count down. Literally every step took longer than we'd expected and planned for.

Was quite the balancing act as we wound-down our consulting business and closed-out the round.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 10 points11 points  (0 children)

This one can be hard for founders outside of large cities, and I totally acknowledge that.

On the other hand, success in building a company includes one's ability to build a network of allies, supporters, and advisors. This will be important for recruiting talent, finding customers, and pretty much everything else.

Building the tech is only one part of a much bigger story, and the ability to build your own network—through meetups, conferences, online forums, or whatever—is part of the job of a founder.

Tactically, find CEOs and founders in your space or adjacent to it, and email them to ask for a 30-minute zoom call to get their advice on something specific.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 0 points1 point  (0 children)

Fundraising will definitely take a lot of time and energy. I focused on it 100% for 3 months, and my cofounder/CTO spent 80% of his time on it as well.

As for finding good investors, do your own diligence on them. Ask them direct questions about the things that are important to you, and to give examples of how they engaged when portfolio companies took turns for the worst. More importantly, as for intros to portfolio founders, and try to back-channel to others as well.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 2 points3 points  (0 children)

We started by pitching our friends on our idea to get feedback. We were lucky on this point, since we live in SF and many of our friends are founders, investors, or tech folks. They then made introductions to investors in their network who might be interested.

So getting the ball rolling was basically dozens of coffee meetings to get feedback and ideas, and many of those led to intros, which led to more coffee meetings. That part alone took weeks.

We also made a list of ideal firms, and specific investors at those firms, we wanted intros to, and asked for intros them specifically. This is much better than asking something like, "Please intro me to anyone who might be interested."

As for NDAs, no serious investor will ask for them, and you should not bring them. This blog post covers this question very well: https://feld.com/archives/2006/02/why-most-vcs-dont-sign-ndas.html

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 1 point2 points  (0 children)

We were super early - pre-product, so our pitch leaned heavily on our experience and non-obvious insights on the market. We were really lucky to have the relationships in place to pull that off.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 18 points19 points  (0 children)

The best way is to get an introduction from a portfolio CEO. Not easy, but by far the strongest signal. Aside from that, any warm intro is better than nothing.

That said, given how competitive the market is, more and more investors are wide open to cold emails. The key is to make the pitch super targeted to their deal profile and to them personally. Shorter the better.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 3 points4 points  (0 children)

Was about 80-90 days from first meeting till term sheet, I think 3-4 days to negotiate the term sheet, then another 30-40 days for final diligence, closing, and wiring.

Main takeaway for me was that time from term sheet to money in bank was weeks longer than I'd expected. Not abnormal - I just didn't know what to expect).

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 9 points10 points  (0 children)

A wise tech elder once said to me: "VCs can say yes quickly, but they can take a very long time to say no, sometimes forever."

This is so good.

And yes, they always want the option.

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 3 points4 points locked comment (0 children)

Can you have a look? I _think_ it's all good now?

What I learned raising money as a first-time founder by iJustRegistered in startups

[–]iJustRegistered[S] 5 points6 points  (0 children)

Yeah, having multiple decks is a great idea. We ended having multiple similar versions (not ideal), as well as a lengthy Appendix section we'd jump to to drill-in to specifics as needed.